Developers pitch the outdoor Centennial Plaza as a potential social center for downtown Midland, with fountains and recreational space for bicyclists and joggers. The plan also boasts a 400-seat ampitheater for concerts, festivals and farmers' markets. less

Developers pitch the outdoor Centennial Plaza as a potential social center for downtown Midland, with fountains and recreational space for bicyclists and joggers. The plan also boasts a 400-seat ampitheater ... more

Photo: Edmonds International

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Energy Tower's 12-story residential zone would include 132 units.

Energy Tower's 12-story residential zone would include 132 units.

Photo: Edmonds International

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This rendering shows a rooftop lounge proposed for the Energy Tower.

This rendering shows a rooftop lounge proposed for the Energy Tower.

Photo: Edmonds International

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The plan for the building's retail floor, in addition to restaurants, includes a seven-screen movie theater.

The plan for the building's retail floor, in addition to restaurants, includes a seven-screen movie theater.

Photo: Edmonds International

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The 28 floors of office space total 560,177 square feet.

The 28 floors of office space total 560,177 square feet.

Photo: Edmonds International

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This rendering shows a portion of the office space in the proposed Energy Tower. The building would be 58 stories, rising twice as high as Midland's current tallest building.

This rendering shows a portion of the office space in the proposed Energy Tower. The building would be 58 stories, rising twice as high as Midland's current tallest building.

Photo: Edmonds International

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Bill and William Meyer, partners of Energy Related Properties, talk during the Energy Tower press conference and reception Thursday at Centennial Plaza.
James Durbin/Reporter-Telegram

Bill and William Meyer, partners of Energy Related Properties, talk during the Energy Tower press conference and reception Thursday at Centennial Plaza.
James Durbin/Reporter-Telegram

Photo: JAMES DURBIN / Reporter-Telegram

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Bill and William Meyer, partners of Energy Related Properties, talk during the Energy Tower press conference and reception Thursday at Centennial Plaza.

Bill and William Meyer, partners of Energy Related Properties, talk during the Energy Tower press conference and reception Thursday at Centennial Plaza.

Photo: JAMES DURBIN / Reporter-Telegram

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Striking tower proposed for Midland

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A developer is pitching what would be by far the tallest building in downtown Midland, a booming oil and gas town in West Texas.

The project would be 58 stories (the tallest building there now is about 25 stories), and it would combine office space, condos, a hotel and shops.

The cost to build the structure is estimated at around $400 million. The building would be developed on a two-block site that would also include convention space, an entertainment center with a movie theater and an outdoor area for concerts.

The developer is Energy Related Properties, which already owns about 1 million square feet of office space in Midland. Wexford Capital is the financial partner. The city of Midland is providing the land for the development.

Texas economist Ray Perryman and the building’s architect, Michael Edmonds, spoke today to a group of energy and real estate professionals about the project and Midland’s significance in the energy industry. The event was hosted by Colliers, the commercial real estate firm marketing the space.

J. Patrick Duffy, president of the Houston office of Colliers, said tenant prospects are very promising and that the building could break ground early next year.